5 mobile banking must-haves

Consumers can use their mobile phones to quickly see how much money is available before making a large retail purchase, says Secil Watson, senior vice president for Internet and mobile banking at Wells Fargo in San Francisco.

She says banking customers report they often want to purchase something at a retail location with their debit card but don't know if they have enough money in their checking accounts. With mobile banking, customers can discreetly check their balance and know whether the sale would be approved, she says.

In addition, Watson says customers can sign up to receive text alerts when an account gets overdrawn or the balance drops below a certain point. "Being able to see account balances and detail are important requirements," she says.

Consumers who check their accounts regularly are helping to protect themselves from identity theft, says Ted Bissell, a management consultant with PA Consulting Group, a management and IT consulting firm in New York.

"Mobile banking helps people stay on top of their accounts, and the more people stay on top of their accounts, the more likely they are to reduce overdraft mistakes or become victims of fraud," he says.

Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused. We do not permit the inclusion of hyperlinks in comments and may remove any comment that includes a hyperlink.

Bankrate.com is an independent, advertising-supported publisher and comparison service. Bankrate may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on certain links posted on this website.